What is estate planning?
Estate planning is a process in which you are able to put your affairs in order. It will allow you to know that your assets will be distributed in the way that you want them to be, to reduce the taxes on your estate and to avoid probate and other issues that are associated with dying intestate.
What’s included in an estate plan?
Your estate plan will include a will or trust, a directive to your physician about final care requests or a statement of power of attorney, final instructions for your funeral and other information.
When should you go back over your estate plan?
If you have a will in place or are drafting one, you should be sure that, when situations change you go over your documents. You’ll want to be sure that you go back over your estate plan when:
- A beneficiary dies or there is another birth in the family
- The value of your assets changes dramatically
- You move to another state
- Tax laws change
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